Local steel prices likely to climb Oct-end

The domestic steel prices of Vietnam are likely to increase by the end of this month due to the world steel price hike and higher domestic consumption.

Nguyen Tien Nghi, Vice president of Vietnam Steel Association(VSA) said that the local demand of steel is estimated to increase to 350,000 tons in the second half of October compared with 283,000 tons in September.

The local steel consumption still remained low in September and the first half of October.

In September, the steel prices dropped between VND200,000-VND400,000 per ton due to sharp decrease in the steel consumption of 59% from August. In the first half of this month, the domestic steel was sold at between VND13.1 million-VND13.7 million per ton while the local steel firms still have to discount more for agencies to stimulate consumption.

Meanwhile, the prices of world steel billet have stood high at between $580-$600 per ton and scrap steel has been sold at $390-$400 per ton which results in higher price of steel input, Nghi said. – Stoxplus.com

Tags: Vietnam steel industry, Vietnam steel market, Vietnam steel prices

Posted by VBN on Oct 11 2010. Filed under Steel. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry